Online payment systems for retailers: an overview of the advantages and disadvantages
The selection of suitable payment systems is essential to be successful in e-commerce. Online retailers’ conversion rate will be directly affected by whether they integrated the right payment methods into the checkout. Many buyers cancel their purchase if their preferred payment method is not available. Therefore, online payment systems are an important factor for the cash flow. Each online shop has different communication channels, target groups and sales countries, as well as different sales volumes. All these aspects are part of the selection of payment systems.
Monitoring the competition and, if necessary, adopt similar payment methods can be a very helpful strategy. Once the merchant has decided to use a payment system, this does not mean that it has to stay that way. Purchasing behavior and customer preferences can change continuously, and so should the desired payment methods.
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